The IRIS index indicates that online property search volume reached 111 in August 2021 compared to 109 in July 2021, recording a five-point increase.
The trends suggest that online property searches and queries have bounced back quicker during the second wave than the first. In fact, the current index is a close second to the all-time high of September 2020.
The IRIS index trends also corroborate our Housing.com’s consumer sentiment findings, which indicate that 35 percent of potential homebuyers are keen to resume home search within the first three months of H2 2021, compared to 26 percent in H1 2021.
Majority of the all India searches and queries were recorded in the apartments segment, preferably with 2 & 3 BHK configuration in less than INR 50 lakh followed by INR 50 lakh to 1 crore.
Delhi NCR continues to hold the top position, Patna and Guwahati record highest jump in rank amongst the top-20 cities witnessing maximum online property search activity
The agglomeration of Delhi NCR continues to hold the first position after topping the list of top-20 cities in June 2021, recording maximum high-intent homebuyer activity. Mumbai is close second to Delhi NCR.
Hyderabad and Ahmedabad slipped three and two spots, respectively, while Kolkata’s position improved by two ranks in August 2021 compared to the previous month. In Kolkata, the micro markets of Rajarhat and New Town saw maximum online queries and searches.
Goa records highest decline in online search volume; slips six ranks to 16th spot
Tier 2 cities of Guwahati and Patna recorded the highest jump in ranks amongst the top-20 cities recording maximum high-intent homebuyer activity. In Patna, maximum homebuying queries were for apartments with 2BHK configuration followed by 3BHK.
Amritsar, which saw the highest growth in high-intent buyer activity in July 2021, continued to maintain its position on the list.
Goa, on the other hand, saw a maximum decline in online property search volume. Its rank slipped to 16th position in August 2021, compared to tenth in July 2021.